I couldn't agree with you more, and I have often puzzled over the benefits of a non-plug-in hybrid. I get that there is energy recovery in braking, energy savings in not idling an ICE in stop-and-go traffic, and possibly more efficient ICE operation by running at more optimal speed/torque conditions. But I am hard pressed to believe that these conditions provide a significant savings. With my current plug-in electric rates I am paying about $0.27 per litre of fuel for those under 50 km trips, and THAT is where I see the huge advantage of the electrics.
My vehicle has just entered FORM (about 1200 km on the odometer; no refuelling yet) and is staying in that mode even though I am doing many short drives when it could be running electric only. I will now run it until the low fuel level warning comes on to exit the mode; and I will only add enough fuel to cover an anticipated longer drive where the ICE will be required.
FWIW, I am not overly impressed with how the vehicle is running under FORM. The ICE starts and stops frequently even while stopped at a traffic light (yes, it starts/stops/starts/stops while the vehicle is sitting there). While driving I can see the ICE/electric drives flipping back and forth, or both being on at the same time. But because the HV battery is at 100% and there is nowhere for any electric charge to go, and because FORM precludes driving purely on electric, I suspect this is why the ICE keeps starting/stopping as it does. And surprisingly, I feel more of a jolt/shudder in the vehicle when the ICE stops than when it starts. I was impressed with how smoothly the ICE comes on when driving at speed, but when crawling or sitting still the ICE start/stop is quite jerky.